DERIVATIVES, OSLO BØRS - OCTOBER 2012
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- Egbert Mills
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1 DERIVATIVES, OSLO BØRS - OCTOBER 2012 The OBX index fell slightly in October. The index decreased by 1.1% to points. So far this year, the index is up 14.8%. The average number of contracts traded in October was contracts/day, and the average YTD is Compared to last month, the October numbers were lower overall. The stock option premium decreased by 12% to 60 MNOK and the forward exposure fell by 46% to 436 MNOK. As for the OBX products, the option premium dropped by 27% to 32 MNOK, whereas the future turnover decreased by 17% to 15.5 BNOK. The October numbers were below the monthly average for the year for all product groups: Stock option premium average MNOK Stock forward exposure 564 MNOK OBX option premium 36 MNOK OBX futures turnover 17 BNOK The most traded stock option in October was Statoil with 14.3 MNOK or 24% of the stock option premium turnover. Yara and Storebrand followed. The top three stock derivatives accounted for 50% of the total stock option turnover for the month. Yara, Statoil and Norsk Hydro were the most traded stock forwards. Yara had a turnover of 95 MNOK, 22% of the total. This summary continues with a presentation of general statistics, followed by a productand volatility overview towards the end. We hope to see you back in the derivatives market next month. Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs.
2 Contracts/ day Contract Distribution Index Futures Single Stock Fwd/Fut OBX Index Options Stock Options Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12
3 TURNOVER - CONTRACTS/DAY (average) Contracts/day last month OBX - FUTURES STOCK FWD/FUT OBX - OPTIONS STOCK OPTIONS OBX - FUTURES Contracts/day YTD 2012 STOCK FWD/FUT OBX - OPTIONS STOCK OPTIONS
4 LIQUIDITY - OPTION PREMIUM DISTRIBUTION 9.4 % Option Premium last month 8.1 % 7.7 % 4.5 % 3.6 % 2.9 % 2.7 % 2.6 % 2.4 % OBX Options Statoil Yara International Storebrand Telenor DNB Renewable Energy Corp Marine Harvest Group 2.2 % Royal Caribbean Cruises 15.6 % 1.6 % Norsk Hydro 0.7 % Subsea % 0.2 % 0.0 % 0.0 % 0.7 % 0.4 % 0.3 % Petroleum Geo-Services TGS Nopec Geophysical Co. Seadrill Orkla Aker Solutions Gjensidige Forsikring DNO International Tomra Norske Skog Option Premium YTD 2012 OBX Options Statoil 16.2 % 9.4 % 4.4 % 4.2 % 4.1 % 4.1 % 4.0 % 3.4 % 3.3 % 2.8 % Yara International Seadrill Renewable Energy Corp Subsea 7 Storebrand Telenor DNB 2.5 % Petroleum Geo-Services 1.6 % Royal Caribbean Cruises 1.0 % Norsk Hydro 1.0 % Marine Harvest Group 0.9 % Orkla 0.5 % 0.2 % 0.1 % Gjensidige Forsikring Aker Solutions TGS Nopec Geophysical Co % 0.1 % 0.1 % Statoil Fuel & Retail Norske Skog DNO International Tomra 4
5 SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION Stock Fwd/Fut Premium last month Yara International Statoil 9.9 % 8.2 % 8.1 % Norsk Hydro DNB Subsea % 6.9 % Telenor Seadrill Royal Caribbean Cruises 3.8 % Aker Solutions Petroleum Geo-Services 2.6 % 1.5 % 0.4 % 0.4 % 0.4 % 0.2 % 0.1 % TGS Nopec Geophysical Co. Gjensidige Forsikring Renewable Energy Corporation Marine Harvest Group Storebrand 21.9 % 21.9 % 0.0 % 0.0 % 0.0 % 0.0 % Tomra DNO International Norske Skog Orkla Stock Fwd/Fut Premium YTD 2012 Yara International Norsk Hydro 7.9 % Statoil 8.4 % 6.7 % 4.0 % DNB Royal Caribbean Cruises 16.9 % 4.0 % Seadrill 3.9 % Aker Solutions 18.7 % 19.9 % 3.4 % 2.2 % 1.4 % 1.1 % 0.5 % 0.5 % 0.3 % 0.1 % 0.1 % 0.0 % Petroleum Geo-Services Telenor Subsea 7 Renewable Energy Corp Gjensidige Forsikring Orkla Storebrand Norske Skog Marine Harvest Group TGS Nopec Geophysical Co. DNO International Tomra 5
6 Turnover Premium MNOK Open Interest (avg) - Contracts Turnover Premium MNOK Open Interest (avg) - Contracts PREMIUM - SINGLE STOCK DERIVATIVES Single Stock Options Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 0 Turnover Premium Open Interest (avg) Single Stock Forwards & Futures Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 0 Turnover Premium Open Interest (Avg) 6
7 Turnover exposure MNOK Open Interest (avg)- Contracts Turnover Premium MNOK Open Interest (avg)- Contracts PREMIUM - OBX DERIVATIVES OBX - Index Options Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Turnover premium / month Open interest (avg) 0 OBX - Index Futures Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 0 Turnover exposure MNOK Open Interest (avg) 7
8 BROKER STATISTICS - OCTOBER % 8. Options % % Turquoise DNB Bank ASA First Securities ASA Handelsbanken Capital Markets Enskilda Securities Sparebank 1 Markets AS Nordnet Bank AB Pareto Securities AS Nordea Markets NetFonds AS Danske Bank AS Carnegie ASA ABG Sundal Collier Norge ASA Norne Securities AS Stock Forwards & Futures 87. DNB Bank ASA Sparebank 1 Markets AS First Securities ASA 5.10 % 4.90 % % 0.10 % 0.10 % Carnegie ASA Nordnet Bank AB Handelsbanken Capital Markets Enskilda Securities Nordea Markets 8
9 OBX Futures % 9. DNB Bank ASA Turquoise % % 0.10 % Handelsbanken Capital Markets Sparebank 1 Markets AS Nordea Markets Enskilda Securities First Securities ASA Nordnet Bank AB Carnegie ASA RS Platou Markets AS Danske Bank AS Fondsfinans ASA "Turquoise" is a composite entry and includes all derivatives members at Turquoise 9
10 OBX INDEX - CONSTITUENTS AND OTHER INFORMATION The OBX Index consists of the 25 most traded equities (currently 24 due to the delisting of Golar in August), and the constituents are selected on the basis of six months turnover rating. It is a semi-annually revised free float adjusted total return index (dividend adjusted) with composition changes and cappings implemented on the first Friday after the third Thursday in June and December. In the period between the composition review dates, the number of shares for each constituent is fixed with exception of cappings and continuous adjustments for corporate actions. The OBX Index is a tradable index with exchange traded futures and options available : All time high ( close):
11 The current OBX Index composition can be found below. The Derivatives department at Oslo Børs distributes a daily report with information on the OBX Index and its components. If you would like to receive this daily update, please contact mps@oslobors.no. 11
12 OSLO BØRS - LISTED DERIVATIVES OPEN INTEREST - OPTIONS AND OBX FUTURES ONLY OBX Index (OBX) Domicile: Norway The OBX INDEX consists of the 25 most traded securities on Oslo Børs. The constituents are selected on the basis of six months turnover rating (Jun & Dec). It is a semi-annually revised, free float adjusted total return index (dividend adjusted). Home: Liquidity: Tradable in blocks of around 5000 contracts. Sector: N/A Last (NOK): Avg.Imp.Vol last month: 18 % ISIN: NO Expiry: Each Month Reuters:.OBX Open Int Options (avg): Bloomberg: OBX NO Open Int Fut (avg): Weight of All Shares: 44.40% O/I Options avg. 2012: Derivatives: Options & Futures O/I Fut avg. 2012: Market Maker(s): 7 Aker Solutions (AKSO) AKER SOLUTIONS is a leading global oil services company that provides engineering services, technologies, product solutions and field-life solutions for the oil and gas industry. Home: Sector : Oil & Gas Equipment & Services Last (NOK): ISIN: NO Avg.Imp.Vol last month: 36 % Reuters : AKSO.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : AKSO NO Open Int (avg): Liquidity: Tradable for volumes around OBX Weight : 2.58% O/I avg. 2012: Domicile: Norway 2000 contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2 DNB (DNB) Sector : Diversified Banks Last (NOK): DNB is Norway's largest financial services group and offers financial products and services related to the money and capital markets. Home: ISIN: NO Avg.Imp.Vol last month: 25 % Reuters : DNB.OL Expiry: Each Month Bloomberg : DNB NO Open Int (avg): Liquidity: Tradable in blocks of 3000 OBX Weight : 10.07% O/I avg. 2012: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 5 12
13 DNO International (DNO) DNO International is an international independent petroleum company engaged in the acquisition, exploration, development and operation of oil and natural gas properties. Home: Sector : Oil & Gas Exploration & Production Last (NOK): ISIN: NO Avg.Imp.Vol last month: 61 % Reuters : DNO.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : DNO NO Open Int (avg): Liquidity: Tradable for volumes around OBX Weight : 0.99% O/I avg. 2012: Domicile: Norway 1000 contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3 Gjensidige Forsikring (GJF) GJENSIDIGE FORSIKRING is one of the leading players in the Nordic insurance market. The group offers general insurance products in Norway, Sweden, Denmark and the three Baltic countries. In addition the group offers online retail banking, and pension and savings products in Norway. Home: Sector : Multi-line Insurance Last (NOK): ISIN: NO Avg.Imp.Vol last month: 18 % Reuters : GJF.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : GJF NO Open Int (avg): Liquidity: Tradable for volumes around OBX Weight : 2.33% O/I avg. 2012: Domicile: Norway 2000 contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3 Marine Harvest Group (MHG) MARINE HARVEST is the world s leading seafood company offering a wide range of seafood products and produce one fourth of the world's farmed salmon. The company is present in 18 countries and has 5000 employees worldwide. Home: Sector : Packaged Foods & Meats Last (NOK): 4.59 ISIN: NO Avg.Imp.Vol last month: 32 % Reuters : MHG.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : MHG NO Open Int (avg): Liquidity: Tradable in blocks of OBX Weight: 1.82% O/I avg. 2012: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 4 13
14 Norsk Hydro (NHY) NORSK HYDRO is a global supplier of Sector : Aluminium Last (NOK): aluminium with activities throughout the value chain, from bauxite extraction to the production of rolled and extruded aluminium products and building systems. Based in Norway, the company employs 23,000 people in more than 40 countries. Home: ISIN: NO Avg.Imp.Vol last month: 33 % Reuters : NHY.OL Expiry: Each Month Bloomberg : NHY NO and NOHYF US Open Int (avg): Liquidity: Tradable in blocks of 3000 OBX Weight : 3.61% O/I avg. 2012: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 7 Norske Skog (NSG) NORSKE SKOG is one of the world's biggest producer of publication paper, with 12 paper mills in 10 countries and a production capacity of around 4 mill. tonnes per year. Home: Sector: Paper Products Last (NOK): 4.28 ISIN: NO Avg.Imp.Vol last month: 94 % Reuters: NSG.OL Expiry: Mar, Jun, Sep, Dec Bloomberg: NSG NO Open Int (avg): Liquidity: Tradable in blocks of OBX Weight: N/A O/I avg. 2012: Domicile: Norway 5000 contracts. Derivatives: Options & Fwd/Fut Market Maker(s): 3 Orkla (ORK) ORKLA operates in the branded consumer goods, aluminium solutions and financial investment sectors. The Group has a turnover of NOK 57 billion and 30,000 employees in more than 40 countries. Home: Sector : Industrial Conglomerates Last (NOK): ISIN: NO Avg.Imp.Vol last month: 18 % Reuters : ORK.OL Expiry: Each Month Bloomberg : ORK NO Open Int (avg): Liquidity: Tradable for volumes around OBX Weight : 5.16% O/I avg. 2012: Domicile: Norway 3000 contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 7 14
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17 Subsea 7 (SUBC) Subsea 7 S.A. is a seabed-to-surface engineering, construction and services contractor to the offshore energy industry worldwide. Provides integrated services, and plan, design and deliver complex projects in harsh and challenging environments. Home: Sector: Oil & Gas Equipment & Services Last (NOK): ISIN: LU Avg.Imp.Vol last month: Reuters: SUBC.OL Expiry: Mar, Jun, Sep, Dec Bloomberg: SUBC NO Open Int (avg): Liquidity: Tradable in blocks of 2000 OBX Weight: 5.20% O/I avg. 2012: Domicile: Luxembourg contracts. Derivatives: Options & Fwd/Fut Market Maker(s): 5 Telenor (TEL) TELENOR is one of the world s major mobile operators with mobile operations in 11 markets and in additionally 19 markets through the per cent ownership in VimpelCom Ltd. Home: Sector : Integrated Telecom. Services Last (NOK): ISIN: NO Avg.Imp.Vol last month: Reuters : TEL.NO Expiry: Each Month Bloomberg : TEL NO and TELN US Open Int (avg): Liquidity: Traded in volumes of 3000 OBX Weight : 12.99% O/I avg. 2012: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 7 Tomra (TOM) TOMRA creates sensor-based solutions for optimal resource productivity - transforming how we obtain, use, and reuse resources. Through TOMRAs solutions customers increase their financial results and reduce their environmental impact, while increasing TOMRAs relevance in society. Home: Sector : Environmental & Facilities Services Last (NOK): ISIN: NO Avg.Imp.Vol last month: 28 % Reuters : TOM.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : TOM NO Open Int (avg): 339 OBX Weight: N/A O/I avg. 2012: 745 Liquidity: Slow activity. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 2 17
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19 MARKET MAKERS DNB Markets: Enskilda Securities: First Securities ASA: Handelsbanken Capital Markets: Nordea Markets: Sparebank 1 Markets: Timber Hill Europe: OBX, AKSO, DNO, GJF, MHG, NHY, NSG, ORK, PGS, REC, RCL, SDRL, STB, STL, SUBC, TEL, TOM, YAR, TGS OBX, DNB, NHY, ORK, STL, TEL, YAR OBX, DNB, NHY, ORK, STL, TEL, YAR OBX, AKSO, DNO, GJF, DNB, MHG, NHY, NSG, ORK, PGS, REC, RCL, SDRL, STB, STL, SUBC, TEL, TOM, YAR, TGS OBX, DNO, NHY, NSG, ORK, PGS, REC, STL, SUBC, TEL OBX, DNB, GJF, MHG, NHY, ORK, SDRL, STL, SUBC, TEL OBX, DNB, MHG, NHY, ORK, PGS, REC, RCL, SDRL, STB, STL, SUBC, TEL, YAR 19
20 OPTIONS - ATM IMPLIED VOLATILITIES Daily Volatilities = average of Last Bid+Offer vol. for ATM CALLS and PUTS for the nearest two months. Lack of data may occur, thus volatilities should be seen as indicative. 90 % 10 % OBX ATM Implied Vol AKSO ATM Implied Vol DNB ATM Implied Vol % Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs. 20
21 DNO ATM Implied Vol GJF ATM Implied Vol 25 % 15 % 10 % MHG ATM Implied Vol % Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs. 21
22 100 % 90 % NHY ATM Implied Vol % 100 % 90 % NSG ATM Implied Vol 10 % ORK ATM Implied Vol Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs. 22
23 PGS ATM Implied Vol RCL ATM Implied Vol % 100 % 90 % REC ATM Implied Vol Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs. 23
24 1 110 % 100 % 90 % SDRL ATM Implied Vol 1 STB ATM Implied Vol % 90 % 10 % STL ATM Implied Vol Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs. 24
25 SUBC ATM Implied Vol % 90 % 10 % TEL ATM Implied Vol 90 % TGS ATM Implied Vol Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs. 25
26 90 % TOM ATM Implied Vol 100 % 90 % YAR ATM Implied Vol Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs. 26
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